capital one interview case study

What Is the Capital One Assessment Test?

Capital one case interview, how to prepare for capital one interview questions and assessments, tips for the capital one case interview, frequently asked questions, final thoughts, a full guide to the capital one assessments & interview.

Updated November 18, 2023

In this comprehensive guide , you’ll discover everything you need to know about the Capital One assessment and interview process.

These are designed to help the company select the best candidates for its team. To increase your chance of getting hired, it's important to be prepared.

Find out what to expect, how to prepare and the skills and qualities Capital One hiring managers are looking for in a candidate.

Capital One is an established financial services company with a focus on technology and innovation.

To become an employee, or ‘associate’, at Capital One you'll need to pass a series of online assessments and interviews .

The Capital One hiring process is as follows:

Take a Practice Capital One Assessment at JobTestPrep

• Complete your application on the Capital One Workday system
• Upload your resume and supporting documents
• Complete online assessment
• Virtual interviews online
• Power Day interview – The final round

You will be sent a link for online assessments through your Workday account.

Interviews are generally held online using Zoom, but telephone interviews may also be required.

Capital One Online Assessment

The Capital One Virtual Job Tryout (VJT) is the most common online interactive assessment tool used by Capital One.

It is used to assess the skills and potential of applicants during the recruitment process.

The online test simulates job-related tasks and scenarios you are likely to encounter in the role you apply for.

The VJT consists of a series of modules. The specific modules you take will vary depending on the position applied for.

For example, a VJT for a customer service position may assess problem-solving and communication skills.

The question types include:

• Simulated workplace scenarios
• Multiple-choice questions
• Interactive exercises

The total test time is between 60 to 90 minutes .

The VJT gives candidates a preview of the job and the work environment. It is also used to identify candidates who are a good fit for the company culture and values .

Examples of areas covered include:

• Customer service – This could involve simulated scenarios to assess your ability to handle customer inquiries and complaints effectively.
• Teamwork and collaboration – This evaluates your ability to work constructively as part of a team, including collaboration and conflict management.
• Data analysis – This assesses your numerical reasoning and ability to analyze and interpret data using tables and charts.
• Problem-solving – These questions assess critical thinking. Candidates need to analyze information and present suitable solutions.
• Leadership – These questions assess your ability to make effective decisions in challenging situations and demonstrate strong leadership skills.

Each section is designed to assess different skills, including those below.

Numerical Reasoning

Numerical reasoning is the ability to manipulate and analyze numerical data. You will be presented with charts, diagrams and graphs.

Candidates can use a calculator but will need a good understanding of basic mathematical concepts.

Verbal Reasoning

Verbal reasoning is the ability to comprehend texts and select relevant information.

You will be presented with a series of questions that relate to a text and asked to identify if statements are true, false or if there is not enough information to determine either way.

Situational Judgment Test

The SJT section involves hypothetical workplace scenarios. You will be given the scenario and asked to decide on a course of action.

You will need to choose an answer that is honest but also reflects the values and company culture of Capital One.

The Capital One coding assessment is only used in applications for technology and cyber-related roles.

For example, you may expect a coding assessment as part of a Capital One software engineer interview.

Refer to the job description and person specification to understand what type of assessment you might need to complete.

Capital One Online Assessment Examples

Numerical reasoning sample questions.

What is the average temperature in the UK for the year?

a) 13.42 b) 15.62 c) 12.54 d) 14.67

How much rain fell in Hawaii and California combined?

a) 15.5 cm b) 24.6 cm c) 28.5 cm d) 30.2 cm

Verbal Reasoning Sample Questions

Read the following passage of text and answer the questions that follow.

According to scientific research, people who exercise regularly are more likely to experience beneficial psychological effects, including reduced symptoms of anxiety and depression and increased mood and self-esteem. Exercise has been shown to improve cognitive function, memory and overall brain health. Although the benefits of physical activity are well-known, many people struggle to incorporate exercise into their daily routines. To overcome this challenge, experts recommend finding an activity that you enjoy and that fits into your schedule. Some examples include team sports, walking, swimming, yoga or going to the gym. You can also encourage friends and family members to support you. This will help you stay motivated. By making exercise a regular part of your life, you can enjoy the range of benefits it offers for both your physical and mental health.

1. Engaging in exercise has no impact on your psychological health.

a) True b) False

2. Everyone will benefit from and enjoy doing team sports, walking and going to the gym.

3. Friends and family can help keep you motivated to maintain your fitness goals.

Situational Judgment Sample Questions

1. You are helping a customer who is interested in purchasing a television. Another customer approaches you looking upset.

They interrupt your conversation, demanding a refund for a purchase they made earlier in the week.

You scan your surroundings but can’t see another colleague available to help the second customer. What do you do?

a) Apologize to the second customer and explain you’re helping another customer. You promise to help them after you’re done. b) You politely ask the first customer to wait while you try and resolve the issue with the upset customer. c) You apologize to both and explain you’ll go and find another colleague to help the second customer. d) You say you can call the store supervisors and ask them to come and help the second customer with the complaint.

2. Read the following scenario and choose the best response from those given below.

You are working in a large team on a complex project that has a tight deadline. One of your colleagues, Toni, was absent for two days without any explanation and now seems very distracted. This is having a negative impact on other members of the team who are relying on Toni’s output to complete their tasks.

a) Ignore Toni's absence and lack of focus; concentrate on your own workload. b) Talk to your colleagues and try to cover for Toni's absence and lack of focus. c) Reach out to Toni and ask them if they need any help catching up. d) Tell Toni to catch up quickly or you will report their absence to your line manager.

There are two types of Capital One interview:

• Behavioral and job fit interview
• Case interview

The behavioral and job fit interview is used to evaluate a candidate's suitability for the position based on their past behavior and experiences.

For the Capital One behavioral interview questions the hiring manager asks about past work experiences, achievements and challenges to assess how well they align with the requirements of the role.

The Capital One case interview is a practical assessment of a candidate's ability to interpret and analyze a scenario.

Candidates must develop a solution to the problem posed in the scenario. This involves data manipulation and is a rigorous interview.

Examples of Capital One Interview Questions

Behavioral and job fit capital one interview questions, 1. "tell me about a time when you had to work under pressure to meet a deadline.".

Tips for answering:

• Choose a relevant example – Select an example from your professional experience that closely aligns with the job requirements or the skills the employer is seeking.
• Provide context – Provide a brief overview of the project or task, including the specific deadline and the importance of meeting it.
• Describe the challenge – Clearly explain the obstacles or challenges you faced.
• Highlight your actions – Describe the specific actions you took.
• Discuss the outcome – Share the result of your efforts

Example answer:

In my previous role as a project manager at XYZ Company, I faced a situation where we had to meet a critical deadline for a marketing campaign. The design team encountered unexpected technical issues, causing a significant delay. To overcome this setback, I quickly organized a meeting, reallocated resources, extended work hours, and closely monitored progress. Through effective communication and a focused approach, we successfully delivered the campaign on time, receiving positive feedback. This experience reinforced my ability to handle pressure, adapt, and foster collaboration to achieve goals.

This is a good answer because it highlights the candidate's problem-solving skills, ability to adapt to unexpected challenges and their role in successfully delivering the project on time.

The answer also emphasizes important qualities such as effective communication, teamwork, and maintaining a composed demeanor under pressure.

2. "Describe a project you worked on where you had to collaborate with a team."

To help you answer this style of Capital One job fit interview questions, you can:

• Use the STAR method – In your response, describe the situation (S), task (T), action (A) and result (R).
• Describe specific examples which highlight your skills rather than provide a generalized answer.
• Be honest and don’t create examples that aren’t factual.
• Use examples that reflect the desired qualities in the job description.

In my previous role as a business analyst at XYZ Company, I collaborated with a cross-functional team on a time-sensitive data analytics project. We aimed to analyze customer behavior and improve marketing campaigns. I facilitated meetings, coordinated data collection and analysis, and encouraged open communication. Our collaborative efforts resulted in actionable insights that enhanced campaign performance, driving higher conversions and revenue. This experience reinforced the value of teamwork, communication, and adaptability, aligning with Capital One's emphasis on collaboration and innovation.

This is a good answer because the candidate describes a specific project where they had to collaborate with a team, highlighting their role in facilitating meetings, coordinating efforts and encouraging open communication.

The answer also emphasizes the positive outcome of the collaboration, showcasing the candidate's ability to work effectively with others to achieve tangible results.

Additionally, the response aligns the candidate's experience with the desired qualities mentioned in the job description, such as teamwork, communication, adaptability, and a focus on innovation.

3. "Why do you want to work at Capital One?"**

• Research the company – Familiarize yourself with Capital One's values, mission and recent achievements
• Focus on key points – Identify a few key reasons why you are interested in working at Capital One. These could include their technological advancements, customer-centric approach, commitment to diversity and inclusion, or their reputation as an industry leader.
• Make connections to your skills and experiences – Draw connections between your skills, experiences and the qualities or initiatives you admire about Capital One.
• Tailor your answer – Customize your answer to reflect your own motivations and experiences. Avoid using generic statements that could apply to any company. Instead, make your response specific to Capital One and what sets it apart in your eyes.

Example question:

I am enthusiastic about working at Capital One because of its reputation as an innovative leader in the financial industry. I am particularly drawn to the company's commitment to leveraging technology and data analytics to drive positive change. Capital One's customer-centric approach and dedication to delivering exceptional experiences align with my own values. Additionally, I appreciate the company's focus on diversity and inclusion, as well as its investment in employee growth and development. Joining Capital One would provide me with the opportunity to contribute to cutting-edge solutions and be part of a dynamic team shaping the future of finance.

This answer highlights the candidate's genuine interest and enthusiasm for working at Capital One. The answer provides specific reasons that align with the company's values.

By mentioning these key points, the candidate demonstrates their knowledge of the company and its initiatives, showing that they have done their research.

The answer also briefly connects the candidate's skills and experiences to the qualities they admire about Capital One, indicating their potential value as a future employee.

4. "What is your greatest achievement?"

To answer this style of question, you can:

• Show enthusiasm for the company and share what you’ve learned
• Relate to the values and culture of Capital One
• Choose examples that are relevant to the specific job role
• Be humble and acknowledge the part you played as part of a team

One of my greatest achievements was leading a team to successfully implement a complex software solution for a client. This project streamlined processes, resulting in a 30% reduction in processing time and improved accuracy. While I played a significant role, this achievement was a result of strong collaboration and the collective efforts of the team. It aligns with Capital One's values of collaboration, innovation, and delivering value to clients. I look forward to bringing my skills and experiences to contribute to future achievements at Capital One.

This answer is good because it highlights a specific achievement that demonstrates leadership, collaboration and the ability to deliver tangible results.

The candidate emphasizes the positive impact their achievement had on the client's business, showcasing their ability to create value and strengthen business relationships.

The answer also relates the achievement to the values of Capital One, such as collaboration, innovation and delivering value to clients, showing alignment with the company's culture and priorities.

Capital One Case Interview Examples

In the case interview, you will be presented with a business scenario.

Some examples of these scenarios and worked answers are given by Capital One .

They follow a similar format:

• Read and take notes on the scenario
• Check the information given and the objective of the case
• Ask questions to clarify the data
• Devise a framework to solve the problem
• Analyze the data and perform calculations
• Explain your response and recommendations for the case

Remember to communicate your perspective and approach throughout the interview. The hiring manager wants to understand your thought processes.

There may be alternative answers to the one you provide. However, it is your problem-solving methodology and communication that is most important.

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Step 1 . Understand the Role You’re Applying For

A clear understanding of the role you are applying for can help in a number of ways:

• Help you anticipate the type of questions you will be asked
• Allow you to tailor your responses to meet the person specifications
• Let you answer questions more effectively
• Enable you to demonstrate your knowledge of the financial industry
• Let you highlight relevant past experience

The hiring manager wants to know you are the right fit for the company. Remember that the core values of Capital One are ‘excellence’ and ‘do the right thing’.

You need to know exactly what they are looking for to align your responses to meet these requirements.

This will help set you apart from other candidates in your recruitment pool.

Step 2 . Take Practice Tests Online

Take practice tests online to help you understand the types of questions you are likely to face in the assessment.

Practice tests can help identify areas you need to focus on. For example, these could be numerical reasoning or verbal reasoning.

Sitting tests under timed conditions helps you manage your time more effectively. This can increase your chance of success on test day.

Most importantly, an awareness of the types of questions improves your confidence.

Take a range of personality tests to help you understand your strengths and weaknesses.

Step 3 . Read About Capital One Case Study Interview Samples

Capital One offers a valuable resource of sample case interview questions . These are similar to the ones you may encounter during your case interview.

It is recommended that you review these Capital One case interview examples before your interview. This helps familiarize you with the format, style and structure of the questions.

It can help prompt you to think of any potential questions you could ask on the day. For example, you might recognize common business strategies or frameworks you can research.

Step 4 . Review Basic Math and Logic Theories

A good foundation in math is crucial given Capital One’s focus on finance and data analysis.

Revise mathematical concepts such as algebra, probability, statistics and financial calculations .

Consider how you can apply these to real-world scenarios and solve problems. Without these skills, candidates may struggle to perform well in the assessments or interviews.

Try reading relevant textbooks, practice mathematical problems and locate resources online to build your skills.

This will help you demonstrate your aptitude for mathematics and position yourself as a valuable contributor to the organization.

Step 5 . Record Yourself Answering Mock Capital One Interview Questions

It can be more difficult to make a good impression online compared to face-to-face.

Recording your answers can help you identify areas you can improve. For example, this may be by answering more concisely or keeping to the topic.

You will be able to analyze your body language and tone of voice to see how you present to others.

If you feel nervous, it can help increase your confidence by rehearsing your responses.

Additionally, you can share your recording with a friend or mentor and ask for advice.

Step 6 . Make Sure Your Technology Works

Don’t get caught out on the day of your assessment or interview. Make sure everything is working in advance.

Check your internet connection is working and the speed is good. Charge, or plug in, the devices you need.

If you are using Zoom, test it out beforehand so you understand the features and how it works.

Check that you have access to all the links you need so you are prepared and ready to start.

Step 7 . Be Professional

Take your online assessment in a quiet room, free from distraction . This will help you concentrate on your test.

Assessments and interviews can feel stressful and nerve-racking. Try to remain calm and relaxed.

Wear a professional outfit to help you feel confident during your interview.

For your online interview, make sure your background is neutral and not distracting. Sit in good lighting so the hiring manager has a clear view.

Try to be yourself and appear enthusiastic and interested.

Tips for interview success include:

• Take notes during the interview
• Ask for clarification if necessary
• Pause before answering to organize thoughts
• Explain each step of your thought process
• Break down the problem into manageable parts
• Use data to support your recommendations
• Check the accuracy of your analysis throughout

The Capital One case study interview is your opportunity to demonstrate your problem-solving ability, communication skills and business insight.

By preparing thoroughly for the Capital One interview process, you can demonstrate your potential to contribute positively to the organization.

What is the Capital One assessment test?

The Capital One assessment is an online test designed to select suitable candidates to hire. It consists of a range of different tests depending on the role applied for.

Some examples include numerical reasoning, verbal reasoning and situational judgment style questions. Candidates who pass will be selected for an interview.

Is the Capital One online assessment hard to pass?

The online assessment is designed to determine whether candidates are a good fit for the organization. The questions may be unfamiliar so it is important to prepare fully.

Results are compared with other applicants so a higher score offers more chance of success. If selected, you will progress to the next stage of the recruitment procedure.

How to prepare for the Capital One case interview?

To prepare for the Capital One case interview, read some examples of case interviews. Work methodically through the situation presented.

Consider all the options and review your solutions. This gives you a useful framework to guide you in the actual interview.

Which company is better to go with in the Capital One case interview?

You will be given a specific scenario in the Capital One technical case interview; you don’t get to choose a particular company.

The case study is designed to assess your communication skills, problem-solving abilities and quantitative analytical skills.

What kind of questions are asked in the Capital One case interview?

In the Capital One case interview, you will be asked to put yourself in the place of a business owner.

You will be presented with a situation and the costs. Then you must use this information and data to decide on the best response to the given scenario.

What is the next step after taking the Capital One case interview?

If you are successful at the Capital One case interview you will be invited to a Power Day.

This is a day consisting of four interviews lasting around four hours. This is the final stage of the recruitment process.

Where can I get sample questions for the Capital One online assessment?

You can find sample questions for the Capital One online assessment at JobTestPrep .

You can also practice free numerical reasoning, verbal reasoning and situational judgment tests online.

How to pass an online job assessment test for Capital One?

To pass the online job assessment test you need to practice and prepare in advance. Take practice tests online and brush up on your math skills.

What is the Capital One pass score for the assessment test?

Candidates are expected to achieve at least 50% in the online Capital One assessment test.

The passing score can vary depending on which role you have applied for.

How long is the Capital One assessment test?

The Capital One assessment test is expected to last between 60 and 90 minutes. This depends on which sections you have been asked to complete.

How to know if you have passed the assessment test for Capital One?

As the Capital One assessment test is completed online, you will usually receive your scores by email.

They may be posted in your Capital One Workday online account.

Where can I find a complete guide for the Capital One online assessment?

A complete guide for the Capital One online assessment can be found at JobTestPrep.

The guide includes helpful tips and practice questions to help improve your chance of success.

The recruitment process for careers at Capital One is very competitive .

Research the role you are applying for as well as the core company values. The hiring manager is looking for candidates who fit with the workplace culture as well as the position.

Prepare effectively by practicing similar tests online and developing your interview skills.

This helps position you as a strong candidate and improves your chance of success.

You might also be interested in these other PRT articles:

The Capital One Case Interview: Everything You Need to Know

• Last Updated July, 2021

The Skills Capital One Looks for in Candidates

A capital one case example, what the capital one interview process looks like, 7 tips on how to prepare for the capital one case interview, how capital one cases differ from traditional strategy consulting cases, frequently asked fit interview questions.

Capital One is a pretty unique company: it’s a bank, with a culture that’s more like a tech or data firm. And therefore, the Capital One case interview is also pretty unique.

If you’re interviewing with consulting firms, you’ll recognize the overall format of a Capital One case interview. It is structured more like a strategy consulting case (and not like a typical bank interview). 

BUT the Capital One case interview contains more math, and often requires some knowledge of financial products.

Don’t worry! We can tell you what to expect and how to prepare.

In this article, we’ll discuss:

• The skills Capital One looks for in candidates,
• What their interview process looks like,
• How their cases differ from traditional strategy consulting cases,
• A Capital One case example,
• 7 tips on how to prepare, and
• A list of frequently asked fit interview questions.

Let’s get started!

In your Capital One Case interview, the interviewer will assess you on problem-solving, fluency on business concepts, communication skills, and especially, quantitative skills.

Just like other case interviews, in the Capital One case interview, you want to demonstrate how you think. 

You will have to be structured and organized, and communicate clearly throughout the case. To review some of the basics of how to ace the case interview, you should check out Our Ultimate Guide to Case Interview Prep .

While the Capital One case interview resembles a typical case interview, it will be focused mainly on assessing your quantitative capabilities. Capital One is very data intensive, and they want to bring on employees who are excited to solve problems using math. 

In other words, Capital One wants to hire people who are fluent in making data-driven decisions. So during your Capital One case interview, you’ll want to demonstrate that you are very comfortable with math. 

There’s a big difference between forcing your way through a tough math problem and dare I say… enjoying it. 

You’ll want to feel super confident in your skills and your Capital One case prep. So even if you get tripped up or stumble during the case, you should look at the Capital One case interview as a puzzle to solve rather than the oral-math-test-that-ruins-your-life-and-disappoints-grandma.

One of our consultant advisors who gave input on this article shared this example: 

“ I got a “D” on my first finance mid-term in undergrad. I was so mad that I became a finance major and got a job in finance at a bank after college. I used to struggle with using new financial concepts, but now I have a great skillset to wrangle financial, marketing, and data challenges.”

You’ll want to display that kind of playful grit as you work through the Capital One case interview. They are meant to be tough and put people on their toes. 

We’ll talk more about how the Capital One case is different and outline a sample case below. 

Before we get to the details, we want to emphasize that you can practice your way to being prepared for this kind of math-heavy case .

In a Capital One case interview, the interviewer will also assess your communication skills based on your ability to:

• Drive the discussion
• Communicate complex ideas in simple terms

Driving the discussion

In the Capital One case interview, the interviewer wants you to play the role of a business owner as opposed to a consultant. This small change shifts the dynamic to you to drive the conversation. 

DON’T be thrown by the fact that your interviewer is not offering up clear next steps or sometimes withholds key information. 

DO get comfortable with asking questions when you need to know more. 

DO practice transitions so you can smoothly flow from each small conclusion to the next topic. 

To help with transitions, you can use something like the phrase “Well now that we’ve concluded X, I’d like to get a better understanding of Y.”

Communicating Complex Ideas in Simple Terms

You will likely need to be able to explain difficult concepts to someone who is (pretending) not to be an expert on the subject. 

Be prepared to break your analysis down into simple, logical steps, and walk your interviewer through what you’re doing. Communicating about your analytical approach is often more important than getting the math right. 

Do take good notes during the interview, especially on data you may need for calculations.

DO use structured thinking to outline how you want to analyze the problem and to ask questions about the data points you need to make decisions. 

DON’T dive into a calculation before you’ve walked your interviewer through your analytical structure. 

We’ve heard many stories of consultants who outlined their logic, flubbed the math a little, made a correction, adapted their answer, moved on to the recommendation, and got an offer.

Your ability to adjust your approach based on feedback is important, so if you’re able to quickly understand your error, you will probably get a pass on a simple math mistake if you were able to outline the correct logic and keep moving through the case without getting flustered. 

Now that we’ve reviewed what Capital One is looking for, let’s review their overall interview process. 

Overall the Capital One interview process looks similar to other firms. 

If you’re recruiting on-campus for various analyst roles, the process typically looks like this: 

• Resume drop (no cover letter)
• First round of interviews (2 interviews – case and behavioral)
• Final round of interviews (4 interviews – case, product, and behavioral)

Try to finish working through your case with enough time left for a few fit questions, and for your questions for the interviewer. 

If you’re applying from a school that doesn’t have a formal Capital One recruiting program, or as an experienced hire, there may be some additional elements to your application and interview process including: 

• A cover letter, and
• An online assessment.

Now that you’ve got the basics on the interview process, let’s talk about how the Capital One case interview is different from other interviews you’ve done!

Nail the case & fit interview with strategies from former MBB Interviewers that have helped 89.6% of our clients pass the case interview.

The Capital One case interview demands more from candidates than a typical case interview. Here’s an overview of the main differences: 

• The Capital One case interview is very math-heavy.
• You can use a calculator!
• There is less focus on working with clients.
• You should be prepared to drive the case with a “business owner” mindset.
• There may be more than one right answer to the overall case.
• There may be cases about financial products.

The Capital One Case Interview Is Very Math-heavy

Capital One is looking to get a clear assessment of your data-driven decision-making capabilities. 

What does that even mean? 

In the Capital One case interview, you will cover fewer ambiguous concepts than in other case interviews. In a typical management consulting case interview, a smart, organized, great communicator who happens to be weak on math could ‘logic’ their way to some pretty solid recommendations. 

That’s not possible in the Capital One case interview.

A Capital One Case interview will have multiple discrete math problems. They often involve Algebra. Remember solving for “X”? Me neither. But you should revisit basic algebra and how to solve for unknown variables. 

There will be right answers to each of those problems, and they should steer you towards a final recommendation.

Capital One Cases Often Involve Break-even Analysis

The most frequent type of math problem in a Capital One case interview is a break even analysis. What the interviewer is often looking for is a recommendation on whether a particular strategy and investment will be ‘worth it’ for the company. 

In order to determine whether an investment meets the client’s expectations, it’s a good idea to ask your interviewer what their goals are. Example: would they be happy with a 3-year payback timeline? Or would a profit margin of 25% meet their expectations?

One of the most frequent types of break-even analysis is the time to break even. Here’s a sample formula. 

      Break-even:  Investment cost / annual profit = years to break even 

A break-even case might be structured likes this: 

• Evaluate a new strategy for a company (e.g., the firm is launching a new product, changing pricing, etc.)
• Assess the cost of this new strategy (both upfront and changes to ongoing costs).
• Assess the impact to revenue over time,
• Calculate the impact to profit (note how much higher profits will be once we hit a steady-state).
• Estimate the break-even time.
• Make a recommendation on whether the effort seems ‘worth it’. 

The recommendation you make may be subjective based on your experience, here’s a few examples: 

• Break-even is two years, and profits increase 2%.
• Break-even is two years, and profits increase 10%.
• Break-even is ten years, and profits increase 20%.
• Break-even is ten years, and profits increase 5%.

If you’ve asked your interviewer about the client’s profitability expectations, use their answer to determine whether the project meets them. If the interviewer does not provide concrete expectations, you will have to use your business judgment. 

For my money, options B and C appear worth it. Options A and D take too long or yield too little of a return in general.

Capital One Cases Are Sometimes Missing Essential Data

Another tricky element that may pop up in a Capital One case interview is that some essential data may be missing. 

If this happens in your case, DON’T FREAK OUT! 

You will have to make some basic assumptions using your business knowledge and simple logic. 

For example, you may want to calculate expected pricing over the next two years to estimate revenue. BUT your interviewer may not have that data. 

What would you do? You can make assumptions. 

Talk your interviewer through your assumptions. Here’s some ideas for the example above: 

• Use the typical cost-of-living figures to grow pricing (e.g. 3%),
• Use high and low scenarios to create boundaries for pricing over the next few years.

The idea of using high and low scenarios to test the financial impact of a financial decision is actually very common. It’s often considered overly precise to create a true forecast without detailed financial modelling. 

But it’s very common to start with low and high expected outcomes and narrow in from there as you get more data throughout the case.

You Can Use a Calculator!

It may feel overwhelming to use scenarios during a case interview, but another variation of the Capital One case interview is that you can use a calculator. 

So organize the math on the page and tap tap tap away at those scenarios. 

Just like open-book exams, this is a blessing and a curse. 

It’s great to have access to a calculator so you don’t have to worry about long division brain freeze during the Capital One case interview. But it also means that the math problems are slightly harder, and typically require a bunch of small calculations to get to the bigger answer. 

We recommend that you write out the framework for analysis, and then fill in numbers along the way. That way if you make a calculation mistake it’s easier for you or your interviewer to spot it. 

This is actually how teams work together to solve problems on a real case. 

DON’T dive right into a 15-step calculation on your little calculator. 

DO outline the analysis you’re planning to do either verbally or on paper. 

Note: you can only use a simple calculator, so leave the TI-whatever-thousands at home! 

Since you probably don’t use these kinds of calculators often, you may want to practice with them during your prep.

Capital One Interviews Focus Less On Working with Clients...

If you get a role at Capital One, you likely won’t be working directly with any external clients. Instead, you’ll be helping to run a piece of their business like a credit card line.

So the Capital One case interview is typically structured as if you are a business owner. 

DON’T refer to giving options to the client, asking the client, etc.

… So Be Prepared to Drive the Case with a ‘Business Owner’ Mindset

In the Capital One case interview, the interviewer is typically looking for you to drive the discussion as a business owner. 

The interviewer will describe a business dilemma and then let you lead the rest of the discussion. You should aim to: 

• Outline how you would approach the problem.
• Propose the analysis you will do.
• Request the information you need.
• Weigh available options.
• Make a recommendation and support it using the insights you’ve gathered throughout the case. 

This expectation is similar to Bain or BCG’s interviewee-led case interview. It’s basically the opposite of a McKinsey case where they walk you through specific questions and provide specific prompts. 

Your interviewer might actually leave you hanging without some data, to see if you can reason out what you need and make reasonable estimates. 

This interview format requires you to take a more assertive tack on how you’re going to navigate the interview. Have a lot of confidence in the path you want to pursue and really “own” it. 

DON’T wait for the interviewer to spoon feed you questions. 

DO think of yourself as a business leader. What would YOU do if given the information in the case?

There May Be More Than One Right Answer to a Capital One Case

O.K., so this is true with any case, but it might be more true with the Capital One case interview. 

There could be a few possible good answers based on the discussion you’ve had and the information you’ve received. That’s true with any project you might work on. There could be multiple options that work. 

You will still have to choose the path you believe in most. 

So be prepared to highlight multiple paths to pursue, pros and cons of each path, and why you chose your recommended path.  

Capital One Cases Are Sometimes About Financial Products

Most candidates also have multiple Capital One case interviews, so you’re highly likely to have at least one case that involves financial products. 

To be fair, you could go into a Capital One case interview with zero knowledge about financial products and if you ask the right questions you’ll be fine. 

But why risk it? 

You don’t need to become an expert in financial products overnight, but do yourself (and your interviewers) a favor: do some homework. 

Spend a few hours learning about financial products like credit cards, savings and checking accounts, and how companies like Capital One make money from offering those products. Also, read up on other financial companies like Venmo and PayPal make money, so you understand competitive threats to Capital One’s products. Investopedia is a good source for this.

The Bottom Line:

Do lots of practice cases and become fluent in the Capital One case. Let’s practice now!

For this case, let’s say your interviewer tells you that you’re a Senior Pricing Director at Paper Mill Plus, a producer of basic white copy paper. Paper Mill Plus sells to various paper distributors and retailers across the country. You’ve been asked to explore price reduction strategies that will boost sales by 10%.

You’ll want to outline all the elements you need to make a recommendation. In this example, we’re going to dig deep into the Annual Sales number until we get to average pricing. 

• Annual Sales = # of Customers X Average Annual Customer Spend
• Average Annual Customer Spend = Monthly Customer Spend X 12
• Monthly Customer Spend = Cases of Paper / Month * Average Annual Price per Case

Now we’ve got a logical outline of the dimensions we’ll need for our analysis. Let’s get one step closer to the answer by mapping out how we’ll estimate the growth needed: 

• Annual Sales x 1.1 = Sales growth of 10% or Targeted Annual Sales

We’re ultimately going to use the Targeted Annual Sales number to back into our recommended strategy. 

You can ask your interviewer for any of the above data points. In this example, they provided you with the following: 

• Annual Sales = $100,000,000,
• The cost to the customer of a case of paper is $30, and
• Paper Mill Plus has 1,000 customers.

From here, we’re going to have to back into a few numbers. Let’s start with firming up the Targeted Annual Sales number. 

Therefore, our new pricing strategy would have to bring in about $110 million in annual sales in order to hit our goal. 

We’ve got the price per case, but the interviewer did not share volumes. Let’s dig deeper into the current state to determine the current volume of paper sales. 

Now we can calculate the average number of cases per customer. 

* Note: if you recreate the calculations at home and truncate any decimals, you will calculate slightly different, but directionally correct, numbers. Directionally correct is a term that means it will provide you with the same insight and lead you to the same conclusion. 

So now we know that on average our customers purchase 278 cases per month. But how many cases will they buy if we reduce the price? 

You can ask your interviewer if there’s any research on the impact to the number of cases purchased when they raise or lower the price. 

Your interviewer might be a bit cagey here and say they have no data. 

They do know that most end-users have fairly consistent demand for paper and very limited places to extra store paper, so distributors and retailers don’t like to overstock too heavily. 

Distributors and retailers typically do have some extra storage capacity and they enjoy padding their margins even just a little, so they are likely to buy at least a little more. 

So you’re not going to get hard data from your interviewer and you should make a reasonable assumption. 

The simplest way to do this is to say for every $1 drop in price, customers will buy X more cases. 

The interviewer did not make it sound like your customers are very price sensitive, so it’s best to be conservative with your assumption. You could suggest this assumption to your interviewer like this: 

“Since we don’t know the exact impact that a price reduction has on the cases of paper sold, let’s make an assumption: for every $1 drop in price, on average customers will buy 20 more cases. Are you comfortable with this assumption?” 

Your interviewer will either agree, or nudge you to go higher or lower. 

Our advice is to choose numbers that will allow for simpler math.

Now let’s calculate the new sales number using our estimate for a $1 price drop, which would mean cases per customer per month would rise to 298. 

This is shy of our goal of $110 million, so let’s see if another larger price reduction gets us there. Here we assume a $4 price reduction and an increase in cases per month of 80. 

Recommendation

Great! $111.6 million is greater than our goal of $110 million, so reducing the price per case by $4 is a pricing strategy that could meet our goals as long as on average our customers buy 80 additional cases per month. 

As you discuss this strategy with your interviewer, you should explore the pros, cons, and risks of this strategy. 

There are certainly other issues to consider, such as:  

• How competitors may react to your price drop.
• Will customers over-buy for a few months and then reduce demand because they are overstocked on paper? 
• Will this impact customer buying behavior over the long term? E.g., will they pressure your sales team for more and more deals? 

So while the data indicates there is a path to hitting 10% sales growth, there are risks to review with your interviewer and more than one possible ‘correct’ recommendation. 

This is just a sample analysis to show you how to think through the math for a Capital One case interview, and how it can factor into your final recommendation.

1. Do some homework on financial products.

2. practice break-even cases and mathematical logic., 3. outline the analysis you’re planning to do either verbally or on paper., 4. communicate complex ideas in simple terms., 5. get comfortable with asking questions when you need to know more., 6. practice transitions so you can smoothly flow from each small conclusion to the next topic., 7. drive the discussion as if you are a business owner..

Capital One asks fit or behavioral questions as well as case questions, so prepare for these as well. 

For more insight on how to prepare for the fit part of the interview, check out our article on Fit Interview Questions .  

For a quick intro, here’s our list of the most frequently-asked fit interview questions:

• Tell me about yourself.
• Walk me through your resume.
• Why are you interested in working for Capital One?
• What’s something you’ve worked on outside of school?
• Tell me about a time you dealt with a tough problem.
• Tell me about a time you led others.
• When did you have to convince someone to change their mind on something important to them?
• Tell me about a failure.
• What do you like to do for fun?

Now go find your calculator from third grade, and you should be ready to prep for your Capital One case interview! 

In this article, we’ve covered:

• What Capital One looks for in candidates.
• What the Capital One case interview process is like.
• How Capital One cases differ from typical management consulting cases.
• An example of the type of case used by Capital One.
• 7 tips that will set you up to ace the case.
• The most common fit interview questions.

——————————————————————————————————————-

Still have questions?

If you have more questions about the Capital One case interview, leave them in the comments below. One of My Consulting Offer’s case coaches will answer them.

Other people prepping for the Capital One interview found the following pages helpful:

• Our Ultimate Guide to Case Interview Prep
• Business Situation Framework
• Capital One Online Assessment

Help with Case Study Interview Prep

T hanks for turning to My Consulting Offer for help prepping for your Capital One case interview. My Consulting Offer has helped 89.6% of the people we’ve worked with to get a job in management consulting. We want you to be successful in your consulting interviews too. For example, here is how Julien was able to get his offer from Capital One.

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3 Top Strategies to Master the Case Interview in Under a Week

We are sharing our powerful strategies to pass the case interview even if you have no business background, zero casing experience, or only have a week to prepare.

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• Capital One Case Interviews: How to Prepare in 2020

So, you’re trying to get a job at Capital One.

Great choice – but great jobs don’t come easy and the selection process for Capital One is particularly intense.

To get an offer, you will have to get through screening tests and culture fit interviews like any similar banking role.

However, Capital One significantly ups the ante by requiring applicants to also solve a case interview .

In this article, we will show you what to expect in a Capital One case interview. We compare this to the more typical a management consulting case interviews and advise you on how to prepare optimally.

Who are Capital One?

Before we get to the nuts and bolts of how the selection process works and how you can prepare, it will help to understand what sets Capital One aside from other players in their sector and what has driven their expansion. This is what has ultimately driven Capital One’s adoption of case interviews and determines the qualities they look for in applicants.

Of course, despite their interview style, Capital One remains a bank. And not just any bank: it is the fifth-largest consumer bank and eighth-largest bank of any kind in the US, with total assets of 396 billion dollars !

Apart from credit cards (of which it is the 3rd largest issuer ), Capital One offer retail banking and commercial banking services .

It was founded in 1994 as a spin-off to Signet Financial Corp, focusing on credit cards, with Richard Fairbank as a CEO (he remains CEO to this day), and operate in the US, Canada and the UK.

Importantly for you, the applicant, Capital One have also been consistently considered amongst the best places to work for (no. 17 on Fortune's 100 ‘Best Companies to Work For’ as well as in multiple Glassdoor reports).

What Makes Capital One Unique?

So far, Capital One sounds much like any other bank – if a particularly large and successful example.

However, Capital One’s rapid rise to prominence can largely be attributed to the fact that it does not function like any other bank. This is ultimately what drives its atypical recruitment practices.

In practice, Capital One operates as something like a hybrid between a bank, a tech company and a consulting firm.

Let’s see how:

1) The importance of data

In their own words, Capital One believe that banking can be revolutionized through technology and information , which explains their initial focus on credit cards.

They have fueled their success with an “information-based strategy”, using tech tools that allow them to identify the most profitable borrowers and come up with a targeted marketing strategy that differentiates them from their competitors’ generic, blanket marketing operations.

This “data oriented” approach defines Capital One’s whole approach to business. In the words of a Capital One analyst , a phrase that they often use is “truth seeking”. According to her, this means “looking at as much data as possible, talking to customers and having a real understanding of the situation before making the best decision”.

2) A consulting firm in disguise?

Capital One also effectively have an in-house consulting firm, embodied by their strategy division and employing many former consultants from top firms such as McKinsey, BCG, and Bain. In fact, Capital One’s CEO was previously head of the banking practice at Strategic Planning Associates (now Mercer Management Consulting)!

This strong consulting influence within the business extends to recruitment practices, where Capital One have appropriated the famously effective (if intense!) methods used by McKinsey and others to find the talent they need to keep driving innovation.

Of course, this is what is relevant to you the applicant, so we will take a closer look at why Capital One have borrowed from the consulting selection process. Understanding this lets us begin to understand how we can prepare.

What is a case interview?

The most important thing Capital One have borrowed from a consulting interview process is the case interview .

A case interview means the interviewer will present you with a business problem. It is structured as follows:

you will be presented with a business problem and expected to employ efficient problem-solving, analytical and communication skills

you will be asked to make calculations pertaining to the problem based on data provided

you will be asked to make a recommendation to deal with the problem

Why does Capital One use case interviews?

Like most top companies, Capital One receives many applications from people with a variety of backgrounds. Therefore, quantifying and comparing their experience can prove difficult.

Case interviews present them with the opportunity to directly test the skills that will be required for a position. Capital One stresses that they look for:

problem-solving skills

communication skills

analytical skills

flexibility

No one qualification is going to prove meet these criteria. In practice, then, there is no better way to test for this skillset skills than simply to give an applicant a relevant problem and watch how they deal with it.

This allows the interviewer to see the applicant’s thinking process, what solutions they come up with and – most importantly – how they communicate and support them . But in order to showcase all these skills, you will have to know what to expect and prepare thoroughly – this is what we’re going to tackle next!

What can I expect in a Capital One interview?

Before the case interview, there are other hoops you must jump through first:

Application Screening

The majority of applicants will be cut based simply on their resume and cover letter, so you need to take these very seriously. A perfect place to start is our free resume and cover letter guides.

Online Assessments

This includes both verbal reasoning and math components. GMAT or PST resources should be useful to prepare.

If and only if you make it through these initial filters, you will proceed to the real challenge of case interview. Let’s zoom in on the requirements there:

Format of a Capital One case interview

Capital One prefers an interview scenario that is interviewer led. This means the interviewer will often steer you in the direction in which they want the conversation to go.

A case interview is an opportunity to prove your skills rather than just talk about them. The important thing to remember is Capital One isn’t particularly interested in your resume or your previous experience in the case interview itself – this will be discussed in a fit interview. You should expect the interviewer to move quickly into the case itself.

1) A case interview can be any business problem

Remember – just because you’re interviewing at a bank doesn’t mean the case will have to do strictly with the financial or banking sector .

Capital One deal with issues well outside banking, as they point out in their video on how to prepare for a case interview . As such, they want to see how potential employees cope with these kinds of problems.

As with any time the case interview format is employed, the emphasis is strongly on how you think through a problem as opposed to how much you know about a certain industry . So be prepared to be taken outside your comfort zone and be ready to encounter any business scenario.

2) How are Capital One case interviews different?

However, Capital One remains a bank rather than a consultancy and there are differences in its selection process.

The primary difference between other case interviews and Capital One case interviews is that the data-driven nature of Capital One’s business in turn drives the interview process, resulting in far more emphasis on the quantitative portion of the interview.

2.1) More quantitative analysis

Unlike a consulting interview, Capital One allows the use of a calculator, which means you will be dealing with trickier, more complex mathematics.

In turn, this will mean your math skills will have to be razor sharp and – crucially – there will be much greater onus on you to generate precisely correct answers.

It is expected that your final recommendation will heavily depend on the precise data . As such, Capital One recommend that if you make a calculation error, you should aim to rectify it as soon as possible.

2.2) Creativity

As a relatively young and fast-growing business operating at the frontiers of its sector, Capital One needs to maintain its innovative edge. As such, the bank strongly emphasizes creative thought within its case interviews.

Capital One strongly believes in the importance of adaptability and using your own experience and thinking , which means there isn’t only a right way to solve a problem .

Therefore, while calculations are important, candidates should remember that there is more than one way to reach a certain result, and should use the one that suits them best.

2.3) More difficult concepts

You shouldn’t expect all your calculations to be as easy as, say, calculating the profit of a company.

Capital One’s business is not just data-heavy, but also structurally complex. As such, you can expect questions to be conceptually difficult, with all kinds of complications to account for as you move through your quantitative analysis – crucially, whilst always getting the right answer.

This might sound daunting but you shouldn’t be afraid to ask for clarifications from the interviewer if you don’t understand these concepts. Remember, Capital One is trying to see how you think, not what you know.

Join thousands of other candidates cracking cases like pros

How can i prepare for a capital one case interview.

Despite the differences in format and content we have discussed, the higher-level process of actually preparing for a Capital One case interview is much the same as for their management consulting counterparts.

Let’s go through some major tips for how to approach you Capital One interview prep. As you will see, there is a lot to get on top of, so we’ll then move on to look at what resources are available to help you out.

1) Start early and get a lot of practice!

Case interviews are not something you can prepare for the night before – you need to practice A LOT! 

However, practicing without understanding the basic principles of case interviews is like trying to learn a language by immersion with no textbook! First, you need to grasp the fundamentals of approaching and solving cases.

The best places to start are our comprehensive guide on case-interviews and MCC Academy course .

We also provide you with a free extensive case bank which can be tailored to find exactly the type of problems you’ll encounter in a Capital One interview.

2) Make sure your math is in top shape

Make sure your math is razor sharp. Don’t simply review the principles, but make sure you can practice working through problems quickly and elegantly.

It might sound counter-intuitive, but despite the fact you will have a calculator, you shouldn’t neglect your mental math.

Of course, nobody is going to be impressed if you have to reach for the calculator for very basic arithmetic. Beyond this, though, having solid mental math allows you to constantly “sense check” your work as you go along, having a better idea if the figures you are generating seem reasonable and thus helping to ensure you reach those crucial correct final answers.

3) Take notes

Get in the habit of staying organized and writing down the information you are given. Capital One emphasizes the importance of being able to quickly call to mind information from previous stages of the interview.

Being organized in this way also helps you to avoid forgetting things and getting lost in your own analysis and ensures that you work in a structured way.

4) Communicate efficiently

Make sure you are also organized in the way you structure and communicate your arguments.

Get used to talking the interviewer through your work and ideas, especially calculations as in this way you’re more like to spot errors! Keep the interviewer onboard with your reasoning, so they understand what you are doing and why at every step in your process.

If you make use of technical concepts, make sure to break them down and explain them in a way that can be understood by anyone - Capital One values mutual understanding and the ability to explain concepts as if to someone from outside your own industry!

This is crucial – remember that case interviews fundamentally evaluate how you solve problems , so you need to convey your method as clearly as possible.

5) Ask questions and clarifications

Make sure you’re getting as much data out of the interviewer as you need to solve your problem. This means not being afraid to ask questions and clarifications to obtain important new information.

If the interviewer introduces a concept that you’re not familiar with, ask them to clarify. Understanding and then immediately using new concepts confidently in a case interview is essential to Capital One.

However, you should avoid asking questions that are not relevant or redundant, as you will come off as disorganized or unstructured. Our articles on Identifying the Problem , MECE and the Hypothesis Driven Approach will help you structure your thoughts and questions in the best possible manner.

6) Build fundamental skills

Perhaps the most fundamental case interview skill is being able to logically break down complex issues into smaller problems. This is an area where we can learn a great deal directly from the consulting world. In particular, consultants’ use of issue trees and similar structures to logically break down problems will directly translate to Capital One’s case studies. You can read more in our article on the Problem Driven Structure method.

7) Back-up your final recommendation with data

At the end of your analysis, you’ll be asked to make a recommendation. Just like we emphasized before, make sure that this is primarily based on data but also your judgement.

Whilst they do care about your calculations being correct, Capital One doesn’t care so much about getting the right specific recommendation from you. For one thing, there might not be a single correct answer in that case, but generally they really want to see you come up with a creative solution and effectively back it up with data from the quantitative portion of the interview.

Always expect to be challenged on whatever recommendation you give and be able to show that you’ve carefully considered the risks and rewards.

8) Avoid frameworks and generic answers

The majority of case interview candidates will turn to frameworks to solve any given problem.

However, Capital One greatly values the ability to produce a unique solution directly and specifically leveraging the data at hand . One of the biggest mistakes you could make is trying to fit the problem you are given in a pre-existing, generic framework to try and spit out a generic answer.

We have explained the dangers of generic frameworks in case studies in our article on the famous resource Case in Point .

Remember: Capital One values original thinking ! Don’t try to reproduce generic information that isn’t applicable - learn how to approach problems like a consultant !

Prep the right way

One-stop case interview prep.

We’ve established that practice makes perfect when it comes to case interviews, but you might think that you can’t be expected to be left in the middle of the ocean and be expected to find the Americas.

In other words, how do you start practicing case interviews when you’re not sure exactly where to start?

My Consulting Coach can provide you with everything you need to crack cases like a professional:

course material that will give you the comprehensive skill-set any Capital One analyst needs

coaching with case interview experts

an all-encompassing mentoring package that will give you the best chance of securing the job you want

1) Your first stop: MCC Academy

The best place to acquire the required background knowledge and reasoning skills – that is learn how to use the winds and navigate by watching the stars – is with our MCC Academy case interview course.

This is a comprehensive, structured course of full-length, high quality, animated video lessons. It guides you through the rough oceans of case interviews by steering you through finance and accounting basics to advanced reasoning skills, consulting math and our Problem Driven Structure case method .

Our method, devised as a streamlined, four-step version of the seven-step roadmap used by McKinsey consultants on real engagements, will keep you away from the pitfalls of unreliable frameworks and over-standardization.

Learn more about MCC Academy here .

2) Practice with a real consultant

Naturally, the best way to practice case interviews is to simulate the real interview situation with another person. You might do so with another interview candidate, using our free meeting board and case library However, there’s only so much you can get out of each other when neither of you have actual consulting experience!

The single best way to simulate a case interview is with an experienced professional. There, you will receive the kind of detailed, actionable feedback which takes your skillset to the next level and greatly increases your chances of landing a job.

MyConsultingCoach offers the best quality coaching experience on the market . All of our coaches have at least two years consulting experience with either McKinsey, Bain or BCG, combined with well as extensive coaching expertise. In short, these are case interview experts.

Synergizing with the MCC Academy, our coaching experience provides not only the skills necessary to successfully complete a case interview, but also detailed feedback on what skills you need to focus on in the process.

Learn more about coaching here .

3) Mentoring: the optimal path to your dream job

Finally, the most time-saving and efficient way to prepare is to sign up for our comprehensive mentoring program.

Let an experienced MBB consultant take personal charge of planning and overseeing your whole case interview preparation!

From editing your resume and cover letter, to advising on networking and guiding you through our course material, mentoring gives you the best possible chance of getting the job!

Find out more about mentoring here.

Candidates who sign up to our free services are 3 times more likely to land a job in one of their target firms . How?

• We teach how to solve cases like consultants , not through frameworks
• Our Meeting Board lets you practice with peers on 100+ realistic, interactive cases.
• Our AI mentor creates a personalised study roadmap to give you direction.
• All the advice you need on resume, cover letter and networking.

We believe in fostering talent, that’s why all of the above is free .

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How to prepare for a virtual case interview

Contemplating a job change or interviewing for a new job can be stressful, but with the advent of social distancing due to the Coronavirus (Covid-19), norms around a lot of jobs, including the interview process, have transformed. We’ve moved the majority of our workforce to working from home , and with the health and well-being of our candidates, associates and communities in mind, we’ve transitioned to virtual interviews as well. In this new, and hopefully temporary, normal, we want to help you navigate the interview process and feel confident throughout your journey to join us here at Capital One. To help navigate that change, we’re offering some suggestions to support candidates who will participate in case interviews virtually. We’ve already covered our top tips to ace your case interview , but you may be wondering how to tackle a virtual case with confidence.

The primary difference between an in-person and virtual case is, of course, that your case interviewer won’t be in the room with you. Most likely, you’ll be connected virtually via a Zoom video conference call, so you’ll still be able to see your interviewer and show your work. Setting up your interview environment, confirming your technology is working properly and getting yourself in the right frame of mind are just some of our tips for how to prepare for any virtual interview . To make the virtual case interview as smooth and as comfortable as it would at one of our interview suites, here are our top tips to help you with your virtual case interview.

Getting case materials

Your case interviewer may have materials—like a copy of the case, a handout or design challenge—they will need to share with you. Your virtual case interview will most likely be set up via a Zoom interface, so your interviewer will set up a digital instance of the case documents using their internet browser window or an application like Word or Google docs. They’ll then share their screen with you within the Zoom meeting. If you have trouble seeing any documents, be sure to let your interviewer know so they can resize it for you.

Showing your work, virtually

Your case interviewer is trying to understand how you think, so you should be prepared to show visuals as well as talk through your approach to problem solving. Your virtual case interview will most likely be set up via a Zoom interface—once you’re in the Zoom meeting, you can use the Whiteboard feature, a Word document or a Google sheet to take notes and share your work. An added benefit of using the Whiteboard feature in Zoom is that it has both text and drawing capabilities. To access the Whiteboard, or share your screen so your preferred digital tool is visible, select Share Screen at the bottom of your Zoom meeting window, then select Whiteboard or the application window.

It’s important to note that these features really only work on a computer—if you need to complete your case interview via a video interview on your mobile phone , you’ll need to use paper and a pen to take notes and write down your work. You can hold up your paper to the camera so your interviewer can see your work or take a photo of your paper and send it to them. In an in-person case interview, you typically would be provided with paper and pen, but since they can’t be provided to you in a virtual interview, be prepared by having them on hand.

Take time to organize your thoughts

When you’re not sitting in the same room as your interviewer, you may feel added pressure to fill the silence or answer quickly—be sure to ask for a minute to organize your thoughts and start developing a framework for problem solving.

Showing your thought process—structure matters more

Like with any case interview, the framework is critical to conveying how you approach problems, how you structure your thoughts, and how you take in information and prioritize the inputs. Structure matters even more when you’re casing virtually because having a structured framework will help you create and communicate a clear and direct solution to the problem. Breaking down your plan of action using numbers will make it easier for your interviewer to follow along—for example, “First, I’d consider X. Second, I’ll calculate Y. And finally, I’ll determine Z.” As you’re analyzing the data, be sure to reference the framework you’ve communicated as your anchor point as you work through each area of focus.

Simplify & confirm understanding

Virtual case interviewing can put your communication skills to the test even more so than in a face-to-face interview. It will be harder to read each other’s body language and for you to share what you’ve written on paper, so clear and structured communication becomes much more important.

Here are five tips to help you communicate more effectively during your virtual case interview:

• As the case is presented to you, listen carefully to the information provided, and then summarize the problem statement as you understand it to make sure you are aligned on the inputs and objectives. Be sure to ask clarifying questions—your interviewer will provide additional information as they are able to.
• Formulate clear and simple hypotheses to help your interviewer follow your train of thought more easily. As you identify areas for additional analysis, ask for additional data to quantify your analysis. Be clear about any assumptions you’re making and walk your interviewer through any calculations as needed.
• Over-communicate with your interviewer and speak clearly, specifically, and explain your thought process and problem solving throughout each stage of the interview.
• Be prepared to answer plenty of follow-up questions because your interviewer will want to ensure they understand your thought process and solutions.
• Check in with your interviewer as you’re explaining to confirm they are able to hear you well and are able to follow your explanations.
• If you experience technical problems or a lagging video or audio, try to stay calm and discuss with your recruiter ways to remedy the situation. If all else fails, interviewers will have your contact information and they'll contact you directly via phone to help you troubleshoot any Zoom or connection issues.
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Capital One Interview Questions

Review our full guide of updated Capital One interview questions and answers.

Capital One Interview Process Overview

Capital One is a Fortune 100 bank that hires thousands of new employees every year across a wide variety of corporate teams which include business analytics, strategy consulting, data analytics, finance, software engineering, and more.

The large banking and financial services company also runs a variety of internship programs and graduate rotation programs targeted toward undergraduate and graduate university students.

General Interview Process:

Full-time positions will follow this general recruitment process which includes a phone screen and online assessments followed by a first-round interview and final-round interview. 

• Recruiter Phone Screen
• Online Aptitude Test & General Assessment (General Business Roles)
• Technical Assessment (Tech & Data Roles)
• First-Round Manager Pre-Screen (Mini Case Study Round)
• Data Science Challenge (Data Science Roles)
• Final Round “Power Day” (Job Fit, Behavioral, Case Interview Questions)

Student Internships & New Graduate Interview Process

• General & Technical Assessments*

Note: Analyst program applicants will be given a "Virtual Job Tryout" assessment designed to simulate real work tasks. Tech and Cyber program applicants will be given a CodeSignal coding assessment. Strategy program applicants will be given business case interview assessments.

Capital One Interview Questions List

Review this updated list of Capital One interview questions:

• Why do you want to work for Capital One?
• How does Capital One generate revenue?
• How does Capital One differentiate itself from other large banks?
• How do you handle missing values in a dataset?
• How does credit card fraud work?
• How would you redesign an alarm clock?
• What are 10 different ways to use a pencil?
• What interests you most about the team or program that you are applying for?
• What would you say would be your biggest value add once joining the team?
• Tell us about a time you encountered a difficult problem and how you ended up solving the problem.
• Tell us about a time you had to resolve a conflict in a team.
• Tell me about an accomplishment that you followed through from start to finish that you are proud of.
• What blogs or websites do you visit regularly?
• How would you price a new product?
• What are some metrics you would use to measure customer satisfaction?

The below sections contain an expanded overview of additional example interview questions that you might find in each stage of the interview process.

Capital One Recruiter Phone Screen

At the very start of the process, expect to have a recruiter phone screen interview. In this conversation, the recruiter will likely ask a mix of job fit and behavioral interview questions mainly focused on your interest in the company, interest in a specific position, and the previous experiences on your resume.

Example Interview Questions & Answers:

Q: Why do you want to work for capital one?

A: I believe Capital One would be a great place to work for 3 main reasons. First, I believe the company does an incredible job collecting consumer data, which allows the firm to perform really competitively with logical and thoughtful data-driven decisions. Second, the bank has taken a very interesting position in open-source software which I think will push the bank to lead the next wave of fintech adoption in the next five years. And finally, the bank does a great job of allowing entry-level employees to work in a number of different verticals and I think this kind of broad exposure, especially at the junior level, will create strong leaders with a solid understanding of the bank's fundamental business lines.

Q: What is the biggest accomplishment that you have on your resume?

A: I’d say that I am most proud of the Goldman Sachs stock pitch competition that I won with my team of student financial analysts. This project was quite difficult in that we had to learn (from scratch) how to make and apply a discounted cash flow analysis model on a young peanut allergy company with negative earnings. This experience was incredibly rewarding as we were able to connect finance concepts and theories to a real equity valuation analysis which allowed us to confidently pitch the stock as an undervalued investment.

Q: What do you like to do outside of school or work?

A: I really enjoy watching and playing recreational basketball at my local gym which hosts summer and winter tournaments every year. Although the health benefits and general entertainment is nice, I actually really enjoy the strategic aspect of the game. Last year, I really felt like we optimized our team plays around our key player strengths and weaknesses by running a high pick-and-roll offense and a 4-and-1 defensive zone.

Capital One Online Assessment

Business analysts, strategy consultants, and other general business and finance applicants will encounter an online assessment or “Virtual Job Tryout” designed to replicate real-world working tasks. Many of these tasks will be focused on quantitative business problems.

Q: During a season of volleyball, the men’s team won 75% of their first 112 games and 25% of the remaining games played that season. If the team had an overall win rate of 60% for the entire season, how many total games did the team play?

A: See the algebra breakdown below:

• Let x = the number of remaining games and t = the number of total games played
• So we know that 112 plus the remaining games should give us the total which can be represented by [112 + x = t] or [x = t - 112]
• We can also create a formula to match up the number of won games, which can be represented by .75(112) + .25x = .6t
• Then we can use the variable substitution method to solve for t: .75(112) + .25(t - 112) = .6t
• From here, if you solve for t, you should get 160 total games

Q: A coffee shop operates for a week and sells 1,200 cups of coffee. A customer survey indicates that 50% of customers were first-time purchasers, 30% of customers were ordering for the 2nd time this week, and 20% of the customers were ordering for the third time this week. Assuming each customer only orders 1 cup of coffee per order, how many unique customers did the coffee shop serve that week?

A: See breakdown below:

• 50% of customers were first-time buyers: 50% * 1200 = 600 unique customers
• 30% ordered twice: 30% * 1200 = 360 orders → 360 / 2 = 180 unique customers
• 20% ordered three times: 20% * 1200 = 240 orders → 240 / 3 = 80 unique customers
• 600 + 180 + 80 = 860 unique customers

Capital One Technical Assessment

Software engineers, data analysts, and other tech-oriented applicants will likely be asked to complete a CodeSignal coding assessment. 

Technical Assessment Notes:

• Software engineers: Technical assessment consisting of 4 algorithm questions to be completed in 70 minutes.
• Data Analyst: Technical assessment focused on SQL and data query questions.

Capital One Mini Case Study Round (Manager Pre-Screen)

Candidates who pass the assessments are usually invited to complete a first-round interview with a hiring manager. 

For (non-technical) business, finance, and strategy-oriented applicants, this mini case study will follow a consulting style framework. Here you’ll be presented a business scenario and issue and you will be expected to provide a solution backed by quantitative and data-oriented logic.

For (technical) software engineers and data scientists, the mini case study will be focused on your applied area (frontend development, backend development, data systems, etc.).

Example Case Study Question

Q: You are the head of new business development for a car manufacturing company. What factors would you consider when deciding the pricing of a product launch in a new geographic market?

A: See solution breakdown below:

First, always ask follow-up questions to further clarify and define the scenario. Example questions could be: Are there existing competitors in the market? Is the cost of manufacturing the car in the new market the same as in existing markets? Will we have to consider any tax or environmental regulations?

Present Quantitative Solutions:

• Cost plus pricing: First calculate the cost of manufacturing the car, then use a percentage markup to arrive at the final price for the customer. To derive a percentage markup figure, we can perhaps look at the median markup in our existing markets or consider using an industry average.
• Competitor pricing: Gather competitor pricing data in the target market or in similar markets. This should give us a baseline for the median price for a similar car. Then the company can take a stance to be either the cheapest provider or the premium provider, depending on the product quality and branding strength relative to competitors.
• Income analysis: Create a ratio between median family income and car prices in the target market or similar markets. This will allow the company to price the car relative to the economic purchasing power of the consumers in the new market.

If you’re looking to better prepare for your technical business and finance interview questions, consider checking out our Complete Finance & Valuation Course where we teach students financial statement analysis and how to make built-from-scratch company valuation models.

Capital One Data Science Challenge

Data analyst applicants are sometimes required to take on a data science challenge project. This take-home modeling assignment is designed to test your knowledge of data relationships, data classes, basic calculations, data visualization, and more.

Example Data Science Challenge Problem:

Many candidates have reported coming across Capital One’s Credit Card Fraud Detection Classification Problem in this stage of the interview process. In this problem, the candidate is in charge of building a predictive model to increase the accuracy and precision of determining fraudulent transactions.

Dataset Considerations:

• The dataset contains reversal transactions where a purchase is followed by a refund (charge reversal).
• The dataset contains multi-swipe charges where a vendor accidentally charges a customer’s card multiple times in a short period of time.
• There is a class imbalance and some missing data values.

Capital One Final Rounds (Power Day)

If you reach the Capital One Power Day, you’ve essentially made it to the final round of interviews where you’ll likely be set up with 3-5 back-to-back interviews with different members of the Capital One team.

Business Analysts: Expect 2 case interviews and 1 - 2 behavioral and job fit interviews.

Tech and Data Analysts: Expect 1 case interview, 1 coding or data challenge, and 1 - 2 behavioral and job fit Interviews.

Job Fit Interview Questions & Answers

Job fit interview questions are designed to test how well you would fit in your applied role in a designated team and the overall company culture.

Q: What excites you most about the Capital One Finance Rotation Program?

A: Capital One is a very tech-based, data-driven bank and financial services company. With that in mind, I believe that even in a finance-oriented program, I’ll be able to gain exposure to technical and data-oriented projects. I think this aspect of the rotation program, particularly at the junior level, will round out my development in an industry that is becoming a very fast-tech environment.

Q: Where do you see yourself in 5 years?

A: It’s difficult to say where I’ll end up in 5 years given how early I am in my career. That said, I am hoping to spend my first 2 years in the analyst program to learn the important and fundamental details of the financial services business. From there, I hope to grow into more of a leadership role where I can hopefully use my expertise to make thoughtful and impactful business decisions.

Other Example Questions: 

• How is Capital One different from other large American banks?
• What is your ideal work environment?
• If you were to start your own business, what would it be?

Behavioral Interview Questions & Answers

Behavioral interview questions cover the “tell me about a time …” questions that are designed to test how you handle hard scenarios, difficult problems, teamwork, etc.

Q: Tell me about a time you worked with a difficult person?

A: Last summer, I worked at a commercial real estate brokerage firm that worked with a client who was keen on leasing a floor in an office building for his company. Amongst several other requirements, the company president would only take the 8th floor of a building because that was his lucky number. Unfortunately, at the time, the 8th floor was already under contract with another tenant. The team didn’t want to lose this deal with a sizeable client but didn’t quite know how to satisfy the client to complete the leasing assignment. Eventually, our team came up with a creative proposal to ask building management to add 1 to every floor so that the unoccupied 7th floor would become the new 8th floor which would be available to the tenant. The building management agreed and all stakeholders came out satisfied with the deal.

Q: Tell me about a time you failed or made a mistake?

A: Several years ago, I was involved in a cheeseburger food truck project. The food truck sales were great in the first few weeks, but we later realized we miscalculated our ability to steal market share from strong fast-food competitors in the area. We carried what we learned in this project to our second food truck launch where we used a 3-mile radius competitor analysis model to secure a location with good customer foot traffic and relatively few competitors.

Other Example Questions:

• Tell me about a time you learned something new.
• Tell me about a time when you went above and beyond for a customer or teammate.

Case Interview Questions

The case study interviews in the final round will likely be more comprehensive than the mini case study covered in the first round interview with a hiring manager. Again, the case study will test your ability to digest a real-life problem and propose a solution with quantitative, data-backed logic. 

Example Case Study Question:

Q: Suppose you are working at a furniture company and you have been tasked with evaluating 3 partner delivery companies that have applied to take over our customer shipping and delivery contract. How would you pick out the delivery partner that would best help the company deliver furniture orders to its customers?

A: See breakdown below

• Ask clarifying questions based on presented data: Do all partners use the same fee structure (by type, by unit, by weight, etc.)? Are the delivery times the same for each partner?
• Calculate the estimated shipping costs for each partner: Fixed Fee + (Variable Fee * Units Sold)
• Calculate the number of units needed to be shipped in order to be better off with a partner that is 100% fixed fee.
• Present ideal partner selection: On paper, delivery partner C would provide us with the cheapest shipping solution assuming that we ship over 16,000 units each month. This makes partner C the ideal candidate given the information available.
• Present other considerations: That said, there are also considerations that could make the cheapest solution not necessarily the best solution. For example, if partner C uses really cheap, low-quality materials to package the furniture, there could be an increase in customer product returns where customers request a refund or a replacement for a product damaged in transit. These additional expenses could actually make the partnership more costly relative to other partners with higher-quality delivery. To investigate this potential risk, we would need to look into the damaged product return rates for each of the delivery partners and calculate our cost of a refund or replacement product.

Other Creative Questions

Sometimes interviewers will throw in creative problems like brainteasers and market sizing questions designed to test how you would solve unusual problems.

Example Questions:

• How many cups of coffee does Starbucks sell every day?
• How many golf balls can you fit in an airplane?
• How would you improve a pair of sunglasses?

Additional Resources

If you’re in the process of applying to competitive business and financial analyst roles, consider checking out our Complete Finance & Valuation Course . Use this course to join our students who have landed jobs at Goldman Sachs, Amazon, Bloomberg, and other great companies!

Other Articles You Might Find Helpful

• Tesla Financial Analyst Interview Guide
• Amazon Financial Analyst Interview Guide
• Uber Business Analyst Interview Guide
• My Goldman Sachs Investment Banking Resume
• Top 5 New Graduate Rotation Programs

Introduction

Building a cash flow statement from scratch using a company income statement and balance sheet is one of the most fundamental finance exercises commonly used to test interns and full-time professionals at elite level finance firms.

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Strategy Analyst - Case Study Guide

Written by: Capital One

What is a case interview?

There are many different types of case interviews common in financial services. At Capital One, our case interviews are conversations focused on real business problems from a variety of industries.

What does a case interview assess?

Case interviews give us an opportunity to gauge how you solve problems, and give you a chance to test drive the type of work you'll be doing as an associate. We are looking for you to demonstrate:

• Communication skills
• Conceptual problem solving skills
• Quantitative analytical skills

How do you prepare for a case interview?

The best way to prepare for a case interview is to practice! We've included a sample case and video to help you prepare. Candidates from all different educational and professional backgrounds can be successful with practice.

As you prepare, remember to:

• LEARN: Get exposure to cases; while our cases are unique, the more you learn how cases work generally, the more comfortable you will be in your interview. Often university departments, business schools, and career services will have resources for case interview prep.
• DO: Master the details by actually working through the numbers and questions in the cases you review. Do NOT memorize a list of industry terms, instead, be prepared for terms you don't know, and ask your caser about them.
• ENGAGE: Leverage as many additional resources as you can. Attend any case workshops you are invited to, and ask your recruiter about additional case prep events or practice case opportunities.

Download the case study practice guide

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How to Prepare for CapitalOne Product Management Case Interviews

If you're preparing for a CapitalOne product management case interview, this article is a must-read.

Posted May 15, 2023

If you aspire to become a product manager at CapitalOne, you most likely will have to go through a case interview. This assessment will test your analytical and problem-solving skills as well as your ability to think strategically and manage stakeholders. In this article, we will share with you some tips and insights to help you prepare for your CapitalOne Product Management Case Interview.

Understanding the CapitalOne Product Management role

CapitalOne Product Managers work on the company's products and services to make them more competitive and customer-friendly. As a Product Manager, one will have to prioritize features, manage development timelines, and communicate with various stakeholders, such as developers, designers, marketers, and executives. CapitalOne values innovation, customer focus, and collaboration among teams, and candidates should have a good understanding of these values and be able to demonstrate them in the case interview.

Product Managers at CapitalOne are expected to have a deep understanding of the market and the competition. They should be able to identify gaps in the market and come up with innovative solutions to address them. They should also be able to analyze customer feedback and data to make informed decisions about product features and improvements.

In addition to technical skills, CapitalOne Product Managers should possess strong leadership and communication skills. They should be able to inspire and motivate their teams to achieve their goals and communicate effectively with stakeholders at all levels of the organization. They should also be able to adapt to changing market conditions and be comfortable with ambiguity and uncertainty.

What to expect in a CapitalOne Product Management case interview

A case interview at CapitalOne for product management usually involves analyzing a business problem or a new product idea. The interviewer will provide a hypothetical scenario, and you'll have to ask questions, analyze data, and provide recommendations. The questions will test your ability to prioritize features, identify customer segments, understand market trends and competitor landscape, and make data-driven decisions. You should expect to have around 30-60 minutes to solve the case, depending on the interviewer's preference.

It's important to note that in addition to the case interview, you may also be asked behavioral questions to assess your leadership and communication skills. These questions may focus on your experience working in a team, handling conflicts, and managing stakeholders. It's important to prepare for both types of questions and practice your responses beforehand to ensure you showcase your skills and experience effectively.

Key skills required for CapitalOne Product Management roles

CapitalOne looks for candidates who are passionate about understanding customer needs, can drive results through data-driven decisions, and can manage multiple stakeholders and competing priorities. Other key skills include excellent communication, strong problem-solving skills, attention to detail, and project management abilities. You should focus on highlighting these skills during your case interview.

In addition to the above-mentioned skills, CapitalOne also values candidates who have a strong understanding of the financial industry and can stay up-to-date with the latest trends and technologies. It is important to have a deep understanding of the market and the competition to be successful in a product management role at CapitalOne.

Furthermore, CapitalOne places a strong emphasis on diversity and inclusion in their hiring process. They look for candidates who can bring unique perspectives and experiences to the table, and who can work effectively with people from diverse backgrounds. It is important to showcase your ability to work collaboratively with others and to demonstrate your commitment to creating an inclusive work environment.

Tips to ace your CapitalOne Product Management case interview

Here are some tips to help you perform your best during your CapitalOne Product Management case interview:

• Practice case interviews regularly with friends or colleagues to build confidence and identify areas of improvement.
• Research CapitalOne's products, services, and business model to show that you are familiar with the company's values and goals.
• Use a structured framework to analyze the problem and break it down into manageable pieces.
• Ask clarifying questions to make sure you understand the problem and its context.
• Use data and market research to support your analysis and recommendations.
• Communicate your thought process clearly and concisely, and be ready to defend your assumptions and recommendations.
• Be mindful of the time and prioritize your recommendations based on impact and feasibility.
• Show that you can work collaboratively by involving the interviewer in your decision-making, and asking for their feedback and opinions.

Researching CapitalOne and its products before your interview

Before your CapitalOne Product Management case interview, it's a good idea to learn more about the company's products, services, and competitive landscape. Visit CapitalOne's website, read their blog, and follow them on social media to stay up-to-date with their strategy and goals. You can also research their industry and the latest trends in fintech to get a better perspective on the market.

The importance of practicing case interviews before your CapitalOne interview

Practice is the key to success in case interviews. You can find many resources online, including books, videos, and websites that offer practice cases. You can also work with a coach or a mentor who can provide you with feedback and guidance. The more you practice, the more comfortable and confident you'll become, and the more likely you'll ace your CapitalOne Product Management case interview.

How to structure your answers during a CapitalOne Product Management case interview

When answering a case interview question, it's essential to use a structured approach. Here's a framework that you can use to organize your thoughts and communicate your recommendations:

• Clarify the problem and its context by asking questions.
• Identify the key issues and prioritize them based on impact and feasibility.
• Gather data and research to support your analysis.
• Analyze the data and develop insights that address the issues.
• Brainstorm potential solutions and evaluate them based on criteria.
• Select the best solution and develop a plan for implementation.
• Communicate your recommendations clearly and concisely.
• Be ready to defend your assumptions and recommendations.

Common mistakes to avoid during a CapitalOne Product Management case interview

Here are some common mistakes that candidates often make during their CapitalOne Product Management case interviews:

• Jumping into solutions without clarifying the problem and its context.
• Using vague or generic recommendations that don't address the specific issues of the case.
• Using incomplete data or not using data to support recommendations.
• Not considering the feasibility and impact of recommendations.
• Not communicating the thought process clearly and concisely.
• Not involving the interviewer in the decision-making process and not asking for feedback.

The role of product strategy in CapitalOne's business model

Product strategy plays a crucial role in CapitalOne's business model. A strong product strategy enables CapitalOne to identify and target profitable market segments, differentiate from competitors, and build customer loyalty. As a Product Manager at CapitalOne, you will be responsible for developing and executing product strategies that align with the company's goals and values.

How to showcase your problem-solving skills during a CapitalOne Product Management case interview

To showcase your problem-solving skills during a CapitalOne Product Management case interview, you should use a structured approach to analyze the problem and develop recommendations that address the key issues. You should use data and research to support your analysis and prioritize your recommendations based on impact and feasibility. Moreover, you should communicate your thought process clearly and concisely and involve the interviewer in your decision-making process.

Preparing for behavioral questions during a CapitalOne Product Management case interview

Behavioral questions are common during CapitalOne Product Management case interviews and aim to evaluate your past experiences and skills. The interviewer may ask you questions such as "Tell me about a time when you had to manage multiple stakeholders?" or "Tell me about a time when you had to make a difficult decision?" To prepare for behavioral questions, you should reflect on your past experiences, identify examples that highlight key skills required for the Product Manager role, and practice communicating them clearly and succinctly.

The importance of demonstrating customer empathy in a product management role at CapitalOne

CapitalOne is a customer-focused organization that values empathy and understanding customer needs. As a Product Manager at CapitalOne, you will have to demonstrate customer empathy by developing products and services that resonate with customers and provide them with value. You should use customer insights and feedback to inform your decisions, prioritize features that address their pain points, and create exceptional experiences that build long-term loyalty.

Tips for following up after a CapitalOne Product Management case interview

After your CapitalOne Product Management case interview, you should send a thank-you note to the interviewer or interviewers to express your gratitude and reiterate your interest in the position. You can also use the opportunity to ask any additional questions about the role or the company. Remember to keep it professional and concise.

How to leverage your experience for future career opportunities at CapitalOne

If you don't get the offer after your CapitalOne Product Management case interview, don't be discouraged. You can leverage the experience and feedback to improve your skills and prepare for future career opportunities at CapitalOne. Stay connected with the company, attend their events and webinars, and continue to build your network. CapitalOne values candidates who are passionate about learning and growing, and who have a genuine interest in the company's mission and values.

Preparing for a CapitalOne Product Management case interview may seem daunting, but with practice and dedication, you can be well-prepared for any challenge that comes your way. Remember to stay positive, be confident in your abilities, and demonstrate your passion for the role. Good luck!

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Guest Essay

What the Fight Over the Capital One-Discover Merger Misses About Our Terrible Credit Card System

By Aaron Klein

Mr. Klein served as deputy assistant secretary of the U.S. Treasury from 2009 to 2012.

A fight has commenced over Capital One’s effort to acquire Discover, a deal that would birth an enormous credit card company rivaling Visa, Mastercard and American Express. The resulting competition could, in the short run, lower some costs to businesses and consumers. However, over the longer term, the merger would keep intact the broken and predatory system in which credit card companies profit handsomely by rewarding our richest Americans and advantaging the biggest corporations.

Credit card companies increasingly generate money via swipe fees, or the money merchants pay issuers every time a credit card is used. Total swipe fees rose 20 percent in 2022 to an estimated $160 billion a year nationally. The pandemic changed how we buy things, significantly increasing the share of transactions put on credit cards rather than conducted in cash, adding to the swipe fees merchants pay.

On top of this, a 2018 Supreme Court ruling effectively forces merchants to accept either every type of card — from, say, a basic Green Card to the Platinum Card — from an issuer like Amex or none of them. And even though fancier types of cards generally demand higher swipe fees, the ruling also barred merchants from incentivizing consumers to use the cheaper ones. These facts combine in a way that makes it even more appealing for Capital One, a giant credit card issuer, to merge with Discover, which owns a payment system, and generate greater profits from credit cards, particularly higher-end reward cards.

Your Rewards Card Is Actually Bad for You, and for Everyone Else

Chasing credit card points is a game in which everyone loses..

This is a story about you and your favorite credit card, the one that earns you points. You use your card for everything. You pay off your balance every month. And you watch with glee as your rewards grow and grow and grow. And when it’s time to cash in, you announce that you’re going to get a family gift. And each member will get one vote. And then your daughter argues that the family needs another iPad. And your son has fallen in love with the ugliest garden gnome that you’ve ever seen. And so to break up the skirmish, you decide that you’ll be getting the frying pan. Because what brings the family together more than food? Marty is the answer. But let’s keep him out of this. And when they complain and say, “But that’s not what I wanted,” you look them in the eye and say, “This was never about you.” “It’s about us, all of us.” And then two weeks later your frying pan arrives. And you can’t help but smile because you kind of did get this for yourself, though you’ll never admit it. And you’re looking at the frying pan. And it’s staring at you and you at it and it at you and you at it. And you just have this split second where you think to yourself: Who actually paid for this? Who pays for all of this? Well, if you love your rewards card, then you’re probably not going to like the answer. Because you try to be a good person, you shop locally. And each week you buy, let’s say, $100 in groceries from MJ. When you swipe your card, that $100 doesn’t go straight to MJ. Instead, store owners are charged a series of fees, the largest of which is called the swipe fee. It’s set by the card network, usually Visa or Mastercard. And your bank uses it to pay for your rewards. The swipe fee is usually between 1.5 percent and 3.5 percent of your total. The more premium your credit card, the more that MJ is charged. Now, that might not sound like much. But it can add up. For small businesses like MJ’s, swipe fees can be one of their biggest expenses. And small stores like hers get charged higher rates than big-box competitors. In order to cope, store owners like MJ raised their prices. That means that all of us are paying more. But only those who have special cards are getting rewards. And here’s the catch: The wealthiest Americans tend to have the best cards that give them the most rewards, while poorer Americans are more likely to pay in cash or debit with no rewards or benefits. So what we really have is a system that forces everyone to pay higher prices in order to subsidize rewards that primarily go to the wealthy. So this rewards card, it’s really a screw-over-poor- people card. Every time you use it, you’re contributing to inequality, helping to drive up prices and further squeeze the most cash-strapped Americans, all so that you can get that free frying pan. You’re probably not benefiting from rewards as much as you thought. In 2020, the Federal Reserve found that the average American at every income level loses more to swipe fee price hikes than they earn in rewards. And of course, the poorest Americans are still getting handed the worst deal. On average, they pay five times more in price mark-ups than they’ll ever receive in rewards. Why are we stuck in this system? Why are swipe fees in the U.S. nine times higher than they are in Europe? Why do we have to pay so much just to pay? Well, it’s largely thanks to two companies, Visa and Mastercard. This system is their core business. It’s what they do for a living. And, sure, they’re providing a service and deserve to earn a profit. But these two companies control over 80 percent of the credit card market. With scant competition, Visa and Mastercard have faced little pressure to rein in swipe fees. The truth is for the vast majority of Americans, the best deal might not come in the form of a new piece of plastic but instead a new piece of legislation. That’s because Congress has the power to regulate swipe fees. In fact, in 2010, they did just that for debit cards. Remember the swipe fee on that $100 grocery purchase? If you paid with a debit card, it would have only cost MJ 26 cents. Dick Durbin, the senator who helped crack down on swipe fees for debit cards, has authored a bipartisan bill that would use competition to drive down credit card swipe fees. But the banks and credit card companies are, of course, pushing back. Right now, there are two things that you can do. First, call your senator and encourage them to support this bill. You can go to this website to find their number. Second, if you’re shopping at a small business that you want to support, remember that how you pay can make a difference. Using your debit card can save small businesses a lot in swipe fees. But the best solution might be elsewhere in your wallet. Increasingly, small businesses are offering discounts for cash payers. Avoiding this predatory system can be a win for both of you. And if those rewards are just too good to say goodbye to, well, then at least don’t go around telling people that you’ve never taken a handout, because you have. And the working class is paying for it. [MUSIC PLAYING]

Credit card companies found they could command ever-greater swipe fees from merchants while at the same time offering their wealthiest consumers more deluxe credit cards that reward big spending with cash back, travel points, access to fancy airport lounges and the like — and then pass on the cost of those rewards to merchants. Merchants must then choose whether to accept and pay the higher swipe fee demanded by these platinum expensive cards or not take any from that card company. In our increasingly digital economy, most merchants have little alternative but to accept the pricey versions and to pay for the privilege. Naturally, merchants pass on their increased cost to all of their customers.

That’s how the rest of us, whether we pay with cash, a debit card or a middle-of-the-road credit card, wind up paying more — because we are subsidizing these rewards cards for whom only the wealthiest qualify. One study from economists at the Boston Federal Reserve estimated that the highest-income households profit over $1,000 a year tax-free from the payment system, adjusted for inflation .

Because swipe fees include a fixed cost in addition to a percentage of the total cost, small-dollar transactions are extremely expensive for merchants. My research found huge costs for such transactions as buying a cup of coffee or paying for a bus or subway ride. One year my oldest friend’s small coffee shop paid more in card processing costs than for coffee beans.

Big companies can leverage their resources to lower swipe fees, giving them a leg up. Starbucks stole a page from the credit card playbook and built an app that gives consumers rewards on future purchases if they upload larger amounts of money from their credit cards, thus lowering the total fees Starbucks has to pay the credit card companies for each swipe.

Some big businesses negotiate discounted swipe fees. Costco is the most aggressive; there have been reports that the big discount retailer’s contract with Citibank and Visa lowered its costs to 0.4 percent while a local dry cleaner may be paying closer to 3 percent.

The problem isn’t limited to nonwealthy consumers and small businesses: Parking meters that used to run on coins now rely on credit-card-powered apps, which charge transaction fees that can be over 20 percent, such as 45 cents on $2. Public transit agencies can lose 7 percent of the money they generate in fares in card-processing fees. A growing gap between what users pay and local agencies receive could stress budgets and require higher taxes, increased fees or reduced public services.

To fix the problem, Congress should legislatively correct the Supreme Court’s mistake. For starters, give merchants the power to reject the priciest credit cards, and let’s see if their users are willing to pay the true cost of their rewards. This solution ought to have some bipartisan support; the idea was strong enough politically to be supported by states as diverse as Ohio, Texas and Maryland. Bipartisan legislation to overturn a conservative Supreme Court ruling may sound like a pipe dream, but in payments policy we’ve seen a few examples such as the Durbin Amendment to what became the Dodd-Frank Act, which lowered debit interchange fees, received 64 votes (including 16 from Republicans) in the Senate and made it into law.

Second, brave policymakers could start taxing reward points. The richer you are, the more likely you qualify for bigger rewards. Progressive taxation rates mean that exempting rewards from taxation makes them nearly four times as valuable to those in the top tax bracket as the bottom. Why is interest from my savings account taxed, but the cash back from card spending not? Once upon a time the value of frequent flier miles was hard to quantify; now the Points Guy has it down.

Finally, we could require all merchants have access to the same swipe-fee pricing, regardless of size. Why should the payment system give big business another advantage? The electronic cash register should not tilt the playing field.

Our payment system’s problems will not be solved by allowing or stopping a combination of Capital One and Discover. Adding a fourth major issuer to compete with the big three will make little difference if the system’s rules remain the same. Capital One already seems to be competing with American Express for wealthy customers who like elite airport lounges and big travel perks, which are funded in part from higher swipe fees. The rewards have kept getting richer over the past 20 years. Simply adding one more company to earn large profits through the existing system will hardly stop it.

Blocking the merger will fail to change the payment system that continues to drive greater rewards to those with the most money already, paid for by merchants and consumers who use cash, debit or lower-tier cards because they are not rich enough to qualify. As the economy continues to digitize with more micropayments, the credit card burden will keep growing, particularly on smaller businesses. Today’s large banks and payment companies will make more profit, sharing it based on who qualifies for elite status.

Until legislators are willing to change a system that showers tax-free rewards on the upper middle class, the cash register will continue to exacerbate the wealth gap and help big business get even bigger. It may feel great to stand up against a merger and fight those “big banks” — while enjoying a “free meal” at an exclusive airport lounge before taking a vacation using frequent flier miles. But if victory is more of the status quo, then the biggest losers will be those the government should protect the most.

Aaron Klein is a senior fellow at the Brookings Institution. He served as deputy assistant secretary of the U.S. Treasury from 2009 to 2012.

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